Sensex opens lower
Mumbai--The Sensex opened 7 points lower at 3,252. On the back of buying in select stocks it stood 13.63 points higher at 3,272.66 at 11.15 hrs today.
Satyam, NIIT and Zee registered gains while Infosys was in the red.
Grasim and Gujarat Ambuja were in the negative zone while ACC and L&T registered gains.
Pharma majors sunk into negative territory.
Reliance, MTNL, SBI, Tisco, HPCL and Bajaj Auto recorded gains. BHEL was down 6.93 per cent (Rs 11.80) to Rs 158.45. Tisco and ITC were also lower.
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LIC cannot reverse MRL sale says Sebi
New Delhi—LIC’s plans of reversing the sale of 12 per cent shares tendered in the Modi Rubber offer have been blocked by the Securities and Exchange Board of India (Sebi). Sebi says that LIC cannot withdraw the shares once tendered for an open offer.
It has taken note of the fact that the shares were tendered on the last day of the offer and feels that if such about turns are allowed, it will wreak havoc with the whole process and people will find different reasons for withdrawing the shares from open offers.
LIC has sought to get the transaction cancelled and has moved the Mumbai High Court, seeking the withdrawal of the `unauthorised and illegal transaction’.
Sebi had taken a similar view during the VST open offer when some investors wanted to withdraw the shares tendered after seeing a higher counter offer.
LIC has been mired in a major controversy after its 12 per cent holding in Modi Rubber was tendered in the open offer to Modis without the consent of other FIs.
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NAVs of 12 UTI equity schemes below par
Mumbai-- Unit Trust of India has announced the net asset value (NAV) for 27 equity schemes at the end of year 2000-01 (July to June). Out of these, 12 schemes are ruling below the face value of Rs 10 per unit.
The open-ended schemes have shown a mixed performance with NAVs of Nifty Index Fund 2000, Software Fund and Brand Value Scheme at Rs 6.70 per unit, Rs 7.60 and Rs 7.88, respectively, UTI said in a release here today.
The other schemes with NAVs below par include Pharma Healthcare Scheme (Rs 9.34), Equity Tax Saving Plan 2000 (Rs 8.94), Grandmaster 1993 (Rs 8.44) and Unit Growth Scheme 10,000 (Rs 9.71).
The NAVs of these schemes were with respect to daily values as on June 29, 2001. However, Service Sector Investment Scheme (Rs 17.80), Masterplus Unit Scheme 1991 (Rs 16.39) and Index Select Equity Fund (Rs 14.07) were placed way above the face value, it said.
Among the close-ended schemes, NAVs of Master Equity Plans of 1994, 1995, 1996 and 1997 were ruling below par in the range of Rs 8.38 to Rs 9.55, it said. The highest earner in this category was Master Equity Plan 1992 at Rs 13.85, followed by Equity Scheme 1992 at Rs 12.45.
All the close ended schemes with weekly NAVs were placed above Rs 10, the highest being Master Equity Plan 1999.
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